- Altcoin Sherpa, a well-known crypto analyst, anticipates that XRP may experience a significant increase in value, potentially reaching as high as $0.80.
- Conversely, Bitcoin could face a ‘violent’ decline if it fails to maintain its current support level at $25,000, according to Altcoin Sherpa.
As the crypto landscape grapples with the prevailing market downturn, Altcoin Sherpa, an esteemed crypto trader with a substantial Twitter following of 195,900, has made an intriguing prediction. He has identified XRP as demonstrating remarkable resilience and believes it may outperform the pack.
According to his analysis, if XRP successfully overcomes its immediate resistance at $0.60, it might soar to levels last seen in April 2022. In his own words,
“XRP: still one of the strongest altcoins right now. Not a buyer at this level but if we can strongly break through this supply zone, I’d target areas as high as $0.80+.”
As of the time of reporting, XRP trades at $0.48.
In contrast to his optimistic prediction for XRP, Altcoin Sherpa expressed a more cautious viewpoint regarding Bitcoin. He speculates that if the foremost crypto asset fails to sustain its current support level of $25,000, it might experience a sharp decline close to $20,000.
“BTC: I always thought $25,000 was the level but maybe it’s not, maybe this current level is just the support region. If we lose this I expect it to get violent, like $22,000 or lower or something. Still, support is support… for now,”
Altcoin Sherpa further pointed out notable price gaps for Bitcoin at $24,000 and $20,000, which he believes may eventually be filled. The phenomenon of ‘price gaps’ is keenly observed by traders as these gaps are often filled over time. He advised caution, stating,
“Noticeable gap too between $24,000 and $26,000. I expect that to get filled out eventually. CME (Chicago Mercantile Exchange) gap around $20,000 as well. Lots of lower targets. I am fairly cautious for now. Be careful out there.”
At present, Bitcoin trades at $25,070.
This analysis paints a landscape of a robust XRP amidst a bearish Bitcoin market, underlining the importance of observing market trends and data for informed crypto trading decisions.